Antique BPOE Elks Lodge Tie / Pin Holder 1920s 1930s

Description

Antique BPOE Elks tie / pin holder.
I believe this piece to be from the 1920s or 30s however I am unable to find only like it elsewhere online, it looks to be a tie holder of some kind and I’m just basing this on the fact that it was found in a box with ties.
There is no mounted hanger on the back however there was a string tied to let it hang so I could be wrong on this.
The piece is magnetic so it’s not brass or bronze?
Marked 851 on the backside
It measures about 6 1/4 inches tall and 7 3/4 inches wide
I will try my best to answer any questions on this but my info is limited , if you know anything on this please don’t hesitate to send me a message ;)
Thanks 🙏